DeepSeek's views on the future cryptocurrency market: The future cryptocurrency market will accelerate its evolution towards institutionalization and compliance. The improvement of market efficiency has led to a weakening of the narrative of Bitcoin's "digital gold", an increase in its correlation with traditional assets, and a narrowing of its independent alpha space. The micro volatility dominated by quantitative strategies will become the norm, and the beta returns of holding spot stocks may continue to be lower than the returns of derivative arbitrage and band trading.